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Crisis Survival Kit: 6 Cost-Conscious Ways To Thank Your Employees
With holiday bonuses long since gone and holiday parties getting the axe left and right, employee expectations for year-end cheer can't slide much lower, but that doesn't business owners can't let employees know how valuable they are to the business.
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With holiday bonuses long since gone and holiday parties getting the axe left and right, employee expectations for year-end cheer can't slide much lower, but that doesn't business owners can't let employees know how valuable they are to the business.Given the cost of replacing good employees and the importance of dedication and talent in a tough market, business owners should think twice before eliminating all year-end acknowledgements such as parties, bonuses, or gifts. After all, it's the thought that matters.
The annual holiday party is the traditional all-encompassing way to thank employees for their work during the year and let them know they are valued. The relative opulence of the celebration is a tacit admission of overall fiscal health -- point being, if your holiday party goes from catered to potluck this year, be worried.
According to the seasonally named outplacement firm Challenger, Gray and Christmas, the number of business curtailing holiday parties has more than doubled from last year. Last year, the firm found that 10% of firms opted out of festivities, but this year it's up to 23%. From a systems perspective that's cutting into the bottom line of the companies that depend on party business, but it also reveals that just shy of 80% of firms out there won't be denied their chance at revelry this year.
In fact according to a survey from online payroll service SurePayroll, 6 of 10 business owners plan to hold a holiday party and 8 of 10 are confident they can afford a party -- the 20% who can afford it, but still don't plan to have a party remains unexplained.
But deciding you need to do something to show your employees appreciation, doesn't mean blowing the budget on Cristal and ice sculptures. Recently, Denise O'Berry of AllBusiness.com, based on input from David Colburn of Smart Online, posted 6 ways to show thanks to your staff without killing your balance sheet.
Paid Time Off: How about offering a full day's pay for a half day's work? One or two of these at holiday time will allow your staff more time with family -- that's what holidays are all about anyway.
Coupons: During a recession, every penny counts. Search for discounts that will minimize your staffs' holiday bills. Give these coupons away generously.
Barter System: Set aside time to create a barter system program for employees. Staff can bring in new, unwanted items and swap with co-workers. The trade-off: saving money and gas by avoiding shopping trips to the mall.
Holiday Feast: With the rising cost of food, many families are hoping to find alternatives to cooking throughout the season. Employers can have holiday meals catered and prepared for the company.
Partnerships: Search through your Rolodex and you're guaranteed to find a business contact that could provide a service to your employees. A simple tune-up or dry cleaning bill could make or break someone on a budget. One phone call could complete a task that an employee has been putting off for months.
Take Advantage of your Company: Some employees could really use some pampering. Take the opportunity to seek out group rates for services such as spas and gyms. If you can recruit your entire company, you can lock in savings on services that can be used for the entire year.
In addition to these creative ideas, there's also a $3 employee gift idea posted by Hannah Clark Steiman over at Inc. that includes:
There are myriad cultural reasons to give employees something or to hold an event. Gifts are nice, but the holiday party offers up the opportunity for someone to engage in embarrassing behavior that will keep your employees chuckling and smiling well into Q2. For an example, look no further than Seinfeld's own Elaine Benis.
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